Equinox-and-Calibre-Merger-presentation-deck.pdf
EquinoxGold
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Mar 10, 2025
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About This Presentation
Equinox Gold and Calibre Mining have entered into a definitive arrangement agreement in an at-market business combination whereby Equinox will acquire all the issued and outstanding common shares of Calibre. The combined company will continue under the name Equinox Gold Corp.
Slide Content
Equinox Gold &
Calibre Mining
Combine to Create
Major Americas
Gold Producer
February 24, 2025
TSX: CXB OTCQX: CXBMF
Calibre Mining
Combine to Create
Major Americas
Gold Producer
February 24, 2025
TSX: CXB OTCQX: CXBMF
2
Cautionary Notes
Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation and may include future-oriented financial information or
financial outlook information (collectively Forward-looking Information). These include statements regarding Equinox Gold
and Calibre’s intent, or the beliefs or current expectations of the officers and directors of Equinox Gold and Calibre for the
combined entity (New Equinox Gold) post-closing. Actual results and outcomes of the proposed plan of arrangement
between the companies (Arrangement) may vary materially from the amounts set out in any Forward-looking Information. As
well, Forward-looking Information may relate to: future outlook and anticipated events, such as the consummation and
timing of the Arrangement; the strategic vision for New Equinox Gold following the closing of the Arrangement and
expectations regarding exploration potential, production capabilities and future financial or operating performance of
New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost
guidance; the potential valuation of New Equinox Gold following the closing of the Arrangement; the accuracy of the
pro forma financial position and outlook of New Equinox Gold following the closing of the Arrangement; the success of
the new management team; the satisfaction of the conditions precedent to the Arrangement; the conversion of Mineral
Resource and Mineral Reserves; the success of Equinox Gold and Calibre in combining operations upon closing of the
transaction; the success and timing of completing construction on the Valentine Gold Mine; the production and operating
capabilities of the Valentine Gold Mine; expectations for the operation of Greenstone, including future financial or
operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design
capacity; the potential of New Equinox Gold to meet industry targets, public profile and expectations; and future plans,
projections, objectives, estimates and forecasts and the timing related thereto. Forward-looking Information is generally
identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth” and similar
expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative
connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold and Calibre
believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be
placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct.
Forward-looking Information is based on information available at the time those statements are made and/or good faith
belief of the officers and directors of Equinox Gold and Calibre as of that time with respect to future events and are subject
to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the
Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include,
without limitation: risks related to the closing of the Arrangement; risks related to Canadian and United States sanctions on
New Equinox Gold Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by
the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related
to new members of management and the board of New Equinox Gold; risks relating to changes in the gold price; risks
related to the completion of the Valentine Gold Mine; risks related to achieving design capacity at Greenstone in
accordance with expectations;and the factors identified in the section titled “Risks Related to the Business” in the Equinox
Gold’s most recently filed Annual Information Form which is available on SEDAR+ atwww.sedarplus.caand on EDGAR
atwww.sec.gov/edgar and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which
is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox
Gold and Calibre’s views as of that time with respect to future events and speak only as of the date they are made. Except as
required by applicable law, Equinox Gold and Calibre assume no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results,
future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking
Information. If either Equinox Gold or Calibre updates any one or more forward-looking statements, no inference should be
drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All
Forward-Looking Information contained in this presentation is expressly qualified in its entirety by this cautionary statement.
Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital
and EBITDA (earnings before interest, taxes, depreciation and amortization) which are measures with no
standardized meaning under International Financial Reporting Standards (IFRS) and may not be comparable to
similar measures presented by other companies. Their measurement and presentation are intended to provide
additional information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements
of performance and the Company believes that they provide further transparency into costs associated with
producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its
operating performance, its ability to generate free cash flow from current operations and its overall value. Refer to
the “Non- IFRS measures” section of the Equinox Gold’s MD&A for the year ended December 31, 2023, and the
“Non- IFRS measures” section of Calibre’s MD&A for the year ended December 31, 2024, for a more detailed
discussion of these non-IFRS measures and their calculation.
Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources. Disclosure
regarding mineral properties included in this presentation, was prepared in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements
of the Securities and Exchange Commission (the SEC) generally applicable to U.S. companies. Accordingly,
information contained in this presentation is not comparable to similar information made public by U.S. companies
reporting pursuant to SEC disclosure requirements.
Technical Information. The Calibre scientific and technical information contained in this presentation was
approved by David Schonfeldt P.Geo., Calibre’s Corporate Chief Geologist and a "Qualified Person" under
National Instrument 43-101. The Equinox scientific and technical information contained in presentation was
approved by Doug Reddy, MSc, P.Geo, Equinox’s Chief Operating Officer and a "Qualified Person" under National
Instrument 43-101.
Numbers may not sum due to rounding. All dollar amounts in USD unless otherwise noted.
Cautionary Notes
Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation and may include future-oriented financial information or
financial outlook information (collectively Forward-looking Information). These include statements regarding Equinox Gold
and Calibre’s intent, or the beliefs or current expectations of the officers and directors of Equinox Gold and Calibre for the
combined entity (New Equinox Gold) post-closing. Actual results and outcomes of the proposed plan of arrangement
between the companies (Arrangement) may vary materially from the amounts set out in any Forward-looking Information. As
well, Forward-looking Information may relate to: future outlook and anticipated events, such as the consummation and
timing of the Arrangement; the strategic vision for New Equinox Gold following the closing of the Arrangement and
expectations regarding exploration potential, production capabilities and future financial or operating performance of
New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost
guidance; the potential valuation of New Equinox Gold following the closing of the Arrangement; the accuracy of the
pro forma financial position and outlook of New Equinox Gold following the closing of the Arrangement; the success of
the new management team; the satisfaction of the conditions precedent to the Arrangement; the conversion of Mineral
Resource and Mineral Reserves; the success of Equinox Gold and Calibre in combining operations upon closing of the
transaction; the success and timing of completing construction on the Valentine Gold Mine; the production and operating
capabilities of the Valentine Gold Mine; expectations for the operation of Greenstone, including future financial or
operating performance and anticipated improvements in recovery rates, mining rates and throughput to achieve design
capacity; the potential of New Equinox Gold to meet industry targets, public profile and expectations; and future plans,
projections, objectives, estimates and forecasts and the timing related thereto. Forward-looking Information is generally
identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth” and similar
expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative
connotation of such terms, are intended to identify Forward-looking Information. Although Equinox Gold and Calibre
believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be
placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct.
Forward-looking Information is based on information available at the time those statements are made and/or good faith
belief of the officers and directors of Equinox Gold and Calibre as of that time with respect to future events and are subject
to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the
Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include,
without limitation: risks related to the closing of the Arrangement; risks related to Canadian and United States sanctions on
New Equinox Gold Nicaraguan operations; risks related to the financial impact that tariffs placed on Canada or Mexico by
the United States and risks related to retaliatory tariffs placed on the United States by either Canada or Mexico; risks related
to new members of management and the board of New Equinox Gold; risks relating to changes in the gold price; risks
related to the completion of the Valentine Gold Mine; risks related to achieving design capacity at Greenstone in
accordance with expectations;and the factors identified in the section titled “Risks Related to the Business” in the Equinox
Gold’s most recently filed Annual Information Form which is available on SEDAR+ atwww.sedarplus.caand on EDGAR
atwww.sec.gov/edgar and in the section titled “Risk Factors” in Calibre’s most recently filed Annual Information Form which
is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Equinox
Gold and Calibre’s views as of that time with respect to future events and speak only as of the date they are made. Except as
required by applicable law, Equinox Gold and Calibre assume no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results,
future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking
Information. If either Equinox Gold or Calibre updates any one or more forward-looking statements, no inference should be
drawn that the either company will make additional updates with respect to those or other Forward-looking Information. All
Forward-Looking Information contained in this presentation is expressly qualified in its entirety by this cautionary statement.
Non-IFRS Measures. This presentation refers to all-in sustaining costs (AISC) per ounce sold, sustaining capital
and EBITDA (earnings before interest, taxes, depreciation and amortization) which are measures with no
standardized meaning under International Financial Reporting Standards (IFRS) and may not be comparable to
similar measures presented by other companies. Their measurement and presentation are intended to provide
additional information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements
of performance and the Company believes that they provide further transparency into costs associated with
producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its
operating performance, its ability to generate free cash flow from current operations and its overall value. Refer to
the “Non- IFRS measures” section of the Equinox Gold’s MD&A for the year ended December 31, 2023, and the
“Non- IFRS measures” section of Calibre’s MD&A for the year ended December 31, 2024, for a more detailed
discussion of these non-IFRS measures and their calculation.
Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources. Disclosure
regarding mineral properties included in this presentation, was prepared in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements
of the Securities and Exchange Commission (the SEC) generally applicable to U.S. companies. Accordingly,
information contained in this presentation is not comparable to similar information made public by U.S. companies
reporting pursuant to SEC disclosure requirements.
Technical Information. The Calibre scientific and technical information contained in this presentation was
approved by David Schonfeldt P.Geo., Calibre’s Corporate Chief Geologist and a "Qualified Person" under
National Instrument 43-101. The Equinox scientific and technical information contained in presentation was
approved by Doug Reddy, MSc, P.Geo, Equinox’s Chief Operating Officer and a "Qualified Person" under National
Instrument 43-101.
Numbers may not sum due to rounding. All dollar amounts in USD unless otherwise noted.
3
Transaction Highlights
1.Based on analyst consensus estimates at February 21, 2025.
Creates a Canadian gold powerhouse with complementary mines throughout the Americas
TIER 1
LOCATION
Enhanced critical mass and capital markets profile with improved significance for investors
SCALE
Immediate increase in production and cash flow from a larger asset portfolioGROWTH
Strengthened combined leadership team with a proven track record of value creation
TRACK
RECORD
Undervalued relative to peers with significant share price re-rate potential
1VALUE
Strong balance sheet with ability to rapidly deleverage
ROBUST
Transaction Highlights
1.Based on analyst consensus estimates at February 21, 2025.
Creates a Canadian gold powerhouse with complementary mines throughout the Americas
TIER 1
LOCATION
Enhanced critical mass and capital markets profile with improved significance for investors
SCALE
Immediate increase in production and cash flow from a larger asset portfolioGROWTH
Strengthened combined leadership team with a proven track record of value creation
TRACK
RECORD
Undervalued relative to peers with significant share price re-rate potential
1VALUE
Strong balance sheet with ability to rapidly deleverage
ROBUST
4
Transaction Summary
Transaction
Structure
•Equinox Gold (“Equinox”) and Calibre Mining (“Calibre”) to merge via a Plan of Arrangement
•Combined company will remain named Equinox Gold, headquartered out of Vancouver, Canada
•Unanimously recommended by the Board of Directors of both Equinox and Calibre
All Share
Consideration
•Calibre shareholders to receive 0.31 of an Equinox share for each Calibre share held
•Represents a 2% premium to Calibre’s 20-day VWAP using closing prices on the TSX as at February 21, 2025
•Pro-forma ownership = 65% Equinox and 35% Calibre, on a fully-diluted ITM basis
Concurrent
Financing
•Calibre to raise US$75M via unsecured convertible note with Equinox to subscribe for US$40M and other strategic investors,
Vestcor Inc. and Trinity Capital Partners, to subscribe for the remaining amount
•Terms: 5.5% p.a. interest, 5-year maturity, conversion premium of 37.5% or (C$4.25/sh) at the holder’s election
Leadership
•Board: 10 directors with 6 from Equinox, incl. Ross Beaty as Chair + 4 from Calibre incl. Doug Forster and Blayne Johnson
•Management: Greg Smith to remain as CEO with Darren Hall to be appointed as President and COO
Deal
Protections
•Reciprocal break fee: US$85M to Equinox and US$145M to Calibre payable under certain circumstances
•Customary right to match provisions for both companies in the event of a written unsolicited proposal
•Customary and reciprocal non -solicitation provisions for any competing proposals, subject to customary fiduciary outs
•Lock-ups of all directors and officers of both companies represents ownership of 6. 1% in Equinox and 2.1% in Calibre
Key Approvals
& Timing
•Calibre will require a shareholder vote with a 66 2/3% voting threshold of votes cast
•Equinox will require a shareholder vote with a simple majority threshold of votes cast
•Other approvals: Regulatory, stock exchange, Canadian and Mexican competition authorization
•Special meetings to approve the Transaction expected to occur before May 31, 2025
Transaction Summary
Transaction
Structure
•Equinox Gold (“Equinox”) and Calibre Mining (“Calibre”) to merge via a Plan of Arrangement
•Combined company will remain named Equinox Gold, headquartered out of Vancouver, Canada
•Unanimously recommended by the Board of Directors of both Equinox and Calibre
All Share
Consideration
•Calibre shareholders to receive 0.31 of an Equinox share for each Calibre share held
•Represents a 2% premium to Calibre’s 20-day VWAP using closing prices on the TSX as at February 21, 2025
•Pro-forma ownership = 65% Equinox and 35% Calibre, on a fully-diluted ITM basis
Concurrent
Financing
•Calibre to raise US$75M via unsecured convertible note with Equinox to subscribe for US$40M and other strategic investors,
Vestcor Inc. and Trinity Capital Partners, to subscribe for the remaining amount
•Terms: 5.5% p.a. interest, 5-year maturity, conversion premium of 37.5% or (C$4.25/sh) at the holder’s election
Leadership
•Board: 10 directors with 6 from Equinox, incl. Ross Beaty as Chair + 4 from Calibre incl. Doug Forster and Blayne Johnson
•Management: Greg Smith to remain as CEO with Darren Hall to be appointed as President and COO
Deal
Protections
•Reciprocal break fee: US$85M to Equinox and US$145M to Calibre payable under certain circumstances
•Customary right to match provisions for both companies in the event of a written unsolicited proposal
•Customary and reciprocal non -solicitation provisions for any competing proposals, subject to customary fiduciary outs
•Lock-ups of all directors and officers of both companies represents ownership of 6. 1% in Equinox and 2.1% in Calibre
Key Approvals
& Timing
•Calibre will require a shareholder vote with a 66 2/3% voting threshold of votes cast
•Equinox will require a shareholder vote with a simple majority threshold of votes cast
•Other approvals: Regulatory, stock exchange, Canadian and Mexican competition authorization
•Special meetings to approve the Transaction expected to occur before May 31, 2025
5
Diversified Americas Portfolio with a Canadian Focus
1. See Appendix slides, Cautionary Notes and Technical Disclosure. 2. M&I Resources are exclusive of Reserves. See Appendix slides,
Cautionary Notes and Technical Disclosure. 3. Mid-point of Equinox Gold 2025 guidance plus mid-point of Calibre 2025 guidance. 4.
Mid-point of Equinox Gold and Calibre 2025 guidance plus 40 koz with Greenstone at capacity and 200 koz with Valentine at capacity.
Does not include any production from Equinox Gold’s Los Filos mine or either company’s expansion projects.
+
BAHIA
COMPLEX
RDM
MESQUITE
CASTLE MOUNTAIN EXPANSION
LOS FILOS / EXPANSION
AURIZONA / EXPANSION
GREENSTONE
24
P&P GOLD RESERVES
1
~ Moz22
M&I GOLD RESOURCES
1,2
~ Moz
9
PRODUCING MINES
GREENSTONE
300,000 – 350,000
AURIZONA
70,000 – 90,000
MESQUITE + RDM
140,000 – 165,000
BAHIA COMPLEX
125,000 – 145,000
2025 GUIDANCE
3
: 950 koz
VALENTINE LAKE
LIMON
LIBERTAD
PAN
GOLDEN EAGLE
GOLD ROCK
5
EXPANSION /
DEVELOPMENT PROJECTS
1
IN CONSTRUCTION
NICARAGUA OPS
200,000 – 250,000
PAN MINE
30,000 – 40,000
IN CONSTRUCTION
+1.2 Moz
4
WITH GREENSTONE &
VALENTINE RAMPED UP
Path to achieve
Equinox Producing Mine
Equinox Expansion / Development Project
Calibre Producing Mine
Calibre Development Project
Diversified Americas Portfolio with a Canadian Focus
1. See Appendix slides, Cautionary Notes and Technical Disclosure. 2. M&I Resources are exclusive of Reserves. See Appendix slides,
Cautionary Notes and Technical Disclosure. 3. Mid-point of Equinox Gold 2025 guidance plus mid-point of Calibre 2025 guidance. 4.
Mid-point of Equinox Gold and Calibre 2025 guidance plus 40 koz with Greenstone at capacity and 200 koz with Valentine at capacity.
Does not include any production from Equinox Gold’s Los Filos mine or either company’s expansion projects.
+
BAHIA
COMPLEX
RDM
MESQUITE
CASTLE MOUNTAIN EXPANSION
LOS FILOS / EXPANSION
AURIZONA / EXPANSION
GREENSTONE
24
P&P GOLD RESERVES
1
~ Moz22
M&I GOLD RESOURCES
1,2
~ Moz
9
PRODUCING MINES
GREENSTONE
300,000 – 350,000
AURIZONA
70,000 – 90,000
MESQUITE + RDM
140,000 – 165,000
BAHIA COMPLEX
125,000 – 145,000
2025 GUIDANCE
3
: 950 koz
VALENTINE LAKE
LIMON
LIBERTAD
PAN
GOLDEN EAGLE
GOLD ROCK
5
EXPANSION /
DEVELOPMENT PROJECTS
1
IN CONSTRUCTION
NICARAGUA OPS
200,000 – 250,000
PAN MINE
30,000 – 40,000
IN CONSTRUCTION
+1.2 Moz
4
WITH GREENSTONE &
VALENTINE RAMPED UP
Path to achieve
Equinox Producing Mine
Equinox Expansion / Development Project
Calibre Producing Mine
Calibre Development Project
6
$515M
$1,570M
$1,995M
$515M
$1,905M
$2,410M
Increased Portfolio Production & Cash Flow
1. All figures in US$. 2. Calculated as (analyst consensus gold price less analyst consensus average cash cost) x (analyst consensus production). 3. Analyst consensus gold price of US$2,655/oz for 2025 and
US$2,650/oz for 2026. 4. Estimated based on EQX 2024 actuals: (US$2,423/oz realized gold price less US$1,598/oz cash cost) x (62 2 koz sold). Cash costs is a non-IFRS measure. See Cautionary Notes .
Annual Gold Production
(Analyst Estimates)
Estimated Annual EBITDA
1,2
(Analyst Estimates)
MergeCo
(2025F)
MergeCo
(2025F)
@ Analyst Consensus
Gold Price
3
(~$2,650/oz)
MergeCo
(2025F)
MergeCo
(2026F)
MergeCo
(2025F)
MergeCo
(2026F)
Equinox
(2024A)
Equinox
(2024A)
Equinox
(2024A)
Equinox
2024A
New EQX
2025F
Equinox
2025F
New EQX
2026F
Equinox
2024A
New EQX
2025F
New EQX
2026F
Equinox
2024A
New EQX
2025F
New EQX
2026F
4
@ Spot Gold
($2,950/oz)
4
New Equinox offers significant production and cash flow in an unprecedented gold price environment,
delivering investors substantial upside beyond current analyst expectations
622 koz
1,130 koz
1,385 koz
$515M
$1,570M
$1,995M
$515M
$1,905M
$2,410M
Increased Portfolio Production & Cash Flow
1. All figures in US$. 2. Calculated as (analyst consensus gold price less analyst consensus average cash cost) x (analyst consensus production). 3. Analyst consensus gold price of US$2,655/oz for 2025 and
US$2,650/oz for 2026. 4. Estimated based on EQX 2024 actuals: (US$2,423/oz realized gold price less US$1,598/oz cash cost) x (62 2 koz sold). Cash costs is a non-IFRS measure. See Cautionary Notes .
Annual Gold Production
(Analyst Estimates)
Estimated Annual EBITDA
1,2
(Analyst Estimates)
MergeCo
(2025F)
MergeCo
(2025F)
@ Analyst Consensus
Gold Price
3
(~$2,650/oz)
MergeCo
(2025F)
MergeCo
(2026F)
MergeCo
(2025F)
MergeCo
(2026F)
Equinox
(2024A)
Equinox
(2024A)
Equinox
(2024A)
Equinox
2024A
New EQX
2025F
Equinox
2025F
New EQX
2026F
Equinox
2024A
New EQX
2025F
New EQX
2026F
Equinox
2024A
New EQX
2025F
New EQX
2026F
4
@ Spot Gold
($2,950/oz)
4
New Equinox offers significant production and cash flow in an unprecedented gold price environment,
delivering investors substantial upside beyond current analyst expectations
622 koz
1,130 koz
1,385 koz
7
590
470 465
400
390
345
315 310
270
220
200 200 200
175
150
Canadian Powerhouse Gold Producer
Source: Company filings.
1. Feasibility Study production average (first 3 or 5 years). 2. Average annual production for the first five years based on the 2024 technical report.
3. Pro forma divestiture of non-core Canadian assets (Eleonore, Musselwhite, Porcupine). 4. 2024F/2024A shown.
Top 15 Canadian Gold Producers
(2025F Average Annual Production - koz)
2,940
NEW
EQX
Dhilmar
(Private)
In-Construction / Ramp-up
1
1
3
4
2
1
At full ramp-up of the Canadian mines, New Equinox would be the second-largest Canadian gold producer
590
470 465
400
390
345
315 310
270
220
200 200 200
175
150
Canadian Powerhouse Gold Producer
Source: Company filings.
1. Feasibility Study production average (first 3 or 5 years). 2. Average annual production for the first five years based on the 2024 technical report.
3. Pro forma divestiture of non-core Canadian assets (Eleonore, Musselwhite, Porcupine). 4. 2024F/2024A shown.
Top 15 Canadian Gold Producers
(2025F Average Annual Production - koz)
2,940
NEW
EQX
Dhilmar
(Private)
In-Construction / Ramp-up
1
1
3
4
2
1
At full ramp-up of the Canadian mines, New Equinox would be the second-largest Canadian gold producer
8
Enhanced Critical Mass & Capital Market Profile
Note: Market information as at February 21, 2025
1. Excludes Asian and royalty constituents. 2. Includes development stage companies. 3. Other listings include JSE & BMV.
ASX, LSE
Listed
3
North American
Listed
New EQX
Intermediates
2
(US$1B-$4B Mkt. Cap.) = 41 Companies Seniors (US$4B-$10B) = 8 Larger Seniors (>US$10B) = 7
GDX/GDXJ Constituents by Size Segment
1
New Equinox Gold would breakout from the intermediates and be positioned as a top 10 primary gold
producer listed on a North American exchange and top 15 gold producer globally
Significant scale benefits increased index inclusion, trading liquidity, institutional ownership
Enhanced Critical Mass & Capital Market Profile
Note: Market information as at February 21, 2025
1. Excludes Asian and royalty constituents. 2. Includes development stage companies. 3. Other listings include JSE & BMV.
ASX, LSE
Listed
3
North American
Listed
New EQX
Intermediates
2
(US$1B-$4B Mkt. Cap.) = 41 Companies Seniors (US$4B-$10B) = 8 Larger Seniors (>US$10B) = 7
GDX/GDXJ Constituents by Size Segment
1
New Equinox Gold would breakout from the intermediates and be positioned as a top 10 primary gold
producer listed on a North American exchange and top 15 gold producer globally
Significant scale benefits increased index inclusion, trading liquidity, institutional ownership
9
(0.7%)
1%
2%
12%
16%
16%
17%
21%
23%
26%
29%
57%
60%
Kinross
Lundin Gold
Evolution
Endeavour
Eldorado
Gold Fields
Alamos
Northern Star
OceanaGold
IAMGOLD
B2Gold
New Gold
New EQX
0.5
0.5
0.6
0.6
0.7
0.8
0.8
1.0
1.2
1.4
2.0
2.0
2.4
New Gold
Lundin Gold
OceanaGold
Eldorado
Alamos
Evolution
IAMGOLD
B2Gold
Endeavour
New EQX
Kinross
Northern Star
Gold Fields
3.0
5.5
6.0
6.9
8.3
9.7
13.9
14.1
16.1
21.1
22.1
23.9
47.7
New Gold
Lundin Gold
OceanaGold
B2Gold
IAMGOLD
Evolution
Eldorado
Alamos
Endeavour
Northern Star
Kinross
New EQX
Gold Fields
0.6x
0.7x
0.7x
0.8x
0.8x
0.8x
1.0x
1.0x
1.1x
1.2x
1.3x
1.3x
1.4x
Eldorado
New EQX
B2Gold
IAMGOLD
OceanaGold
Endeavour
New Gold
Kinross
Northern Star
Alamos
Evolution
Gold Fields
Lundin Gold
Note: market information as at February 21, 2025
Source: Company filings, FactSet, S&P Capital IQ Pro, street research
1.Actual 2024 production shown where available; annual street consensus estimates shown otherwise. 2. Calculated using EQX and CXB 2024A combined production
Substantial Growth, Attractive Valuation
New EQX
New EQX
New EQX
New EQX
Price to NAV (x)
(Analyst estimates)
Total Reserves (Moz Au)
(Company reports)
2026E Production (Moz Au)
(Analyst estimates)
’24A
1
-’26E Prod. Growth (%)
(Analyst estimates)
2
(0.7%)
1%
2%
12%
16%
16%
17%
21%
23%
26%
29%
57%
60%
Kinross
Lundin Gold
Evolution
Endeavour
Eldorado
Gold Fields
Alamos
Northern Star
OceanaGold
IAMGOLD
B2Gold
New Gold
New EQX
0.5
0.5
0.6
0.6
0.7
0.8
0.8
1.0
1.2
1.4
2.0
2.0
2.4
New Gold
Lundin Gold
OceanaGold
Eldorado
Alamos
Evolution
IAMGOLD
B2Gold
Endeavour
New EQX
Kinross
Northern Star
Gold Fields
3.0
5.5
6.0
6.9
8.3
9.7
13.9
14.1
16.1
21.1
22.1
23.9
47.7
New Gold
Lundin Gold
OceanaGold
B2Gold
IAMGOLD
Evolution
Eldorado
Alamos
Endeavour
Northern Star
Kinross
New EQX
Gold Fields
0.6x
0.7x
0.7x
0.8x
0.8x
0.8x
1.0x
1.0x
1.1x
1.2x
1.3x
1.3x
1.4x
Eldorado
New EQX
B2Gold
IAMGOLD
OceanaGold
Endeavour
New Gold
Kinross
Northern Star
Alamos
Evolution
Gold Fields
Lundin Gold
Note: market information as at February 21, 2025
Source: Company filings, FactSet, S&P Capital IQ Pro, street research
1.Actual 2024 production shown where available; annual street consensus estimates shown otherwise. 2. Calculated using EQX and CXB 2024A combined production
Substantial Growth, Attractive Valuation
New EQX
New EQX
New EQX
New EQX
Price to NAV (x)
(Analyst estimates)
Total Reserves (Moz Au)
(Company reports)
2026E Production (Moz Au)
(Analyst estimates)
’24A
1
-’26E Prod. Growth (%)
(Analyst estimates)
2
10
0.7x
0.8x
0.8x
1.0x
1.1x
1.2x 1.2x
590
400
345
200 200
470
Significant Canadian Gold Exposure Drives Re-Rate
1. Based on analyst consensus estimates available at February 21, 2025 (S&P Capital IQ). 2. At full production levels post ramp-up at Valentine Lake. 3. Based on
companies with market capitalization between US$1B - $5B.
Strong re-rate potential
exists with
improved Canadian gold exposure
•Canadian production rewarded in the
market with premium valuation
•With Greenstone + Valentine at full
production levels (~600 koz p.a.),
New Equinox Gold would be the
second largest Canadian gold
company by production and largest
relative to the peer group shown
Canadian Peer Analyst P/NAVs
1
Peer Group Avg: 1.1x
New
EQX
Intermediate
Average
Select Canadian Peers
2025F Canadian Production (koz)
2
3
0.7x
0.8x
0.8x
1.0x
1.1x
1.2x 1.2x
590
400
345
200 200
470
Significant Canadian Gold Exposure Drives Re-Rate
1. Based on analyst consensus estimates available at February 21, 2025 (S&P Capital IQ). 2. At full production levels post ramp-up at Valentine Lake. 3. Based on
companies with market capitalization between US$1B - $5B.
Strong re-rate potential
exists with
improved Canadian gold exposure
•Canadian production rewarded in the
market with premium valuation
•With Greenstone + Valentine at full
production levels (~600 koz p.a.),
New Equinox Gold would be the
second largest Canadian gold
company by production and largest
relative to the peer group shown
Canadian Peer Analyst P/NAVs
1
Peer Group Avg: 1.1x
New
EQX
Intermediate
Average
Select Canadian Peers
2025F Canadian Production (koz)
2
3
11
3.75x
3.02x
2.90x
2.57x
2.41x
1.95x
0.62x
0.25x
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
EBITDA ($M)
2
Deleveraging Plan
1. Leverage Ratio = Net Debt / Trailing twelve- month EBITDA. 2. Historical adjusted EBITDA and Net Debt figures for Q4’2022 – Q4’2023 are based on the Company’s filed quarterly Management Discussion & Analysis. 3. Adjusted
EBITDA and net debt for 2024 shown on a pro-forma basis as per EQX and CXB 2024 filings. 4. 2025 and 2026 EBITDA is based on Analyst forecast production and cash cost, calculated as: (gold price – cash cost) * production. 5. Gold
price assumptions are US$2,655/oz and US$2,650/oz for 2025 and 2026, respectively. 6. 2025 and 2026 leverage ratio assumes all free cash flow is allocated to debt reduction (free cash flow based on Analyst average)
Investment Focus
(EQX Standalone)
Last 12 months EBITDA Leverage Ratio
1
New EQX (Annual)
3,4,5,6
Deleverage
(New EQX)
Equinox Gold (Quarterly)
New Equinox will reduce leverage faster from increased cash flow and the current gold price market
<1.0x debt to EBITDA ratio goal expected to be achieved in 2025
3.75x
3.02x
2.90x
2.57x
2.41x
1.95x
0.62x
0.25x
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
EBITDA ($M)
2
Deleveraging Plan
1. Leverage Ratio = Net Debt / Trailing twelve- month EBITDA. 2. Historical adjusted EBITDA and Net Debt figures for Q4’2022 – Q4’2023 are based on the Company’s filed quarterly Management Discussion & Analysis. 3. Adjusted
EBITDA and net debt for 2024 shown on a pro-forma basis as per EQX and CXB 2024 filings. 4. 2025 and 2026 EBITDA is based on Analyst forecast production and cash cost, calculated as: (gold price – cash cost) * production. 5. Gold
price assumptions are US$2,655/oz and US$2,650/oz for 2025 and 2026, respectively. 6. 2025 and 2026 leverage ratio assumes all free cash flow is allocated to debt reduction (free cash flow based on Analyst average)
Investment Focus
(EQX Standalone)
Last 12 months EBITDA Leverage Ratio
1
New EQX (Annual)
3,4,5,6
Deleverage
(New EQX)
Equinox Gold (Quarterly)
New Equinox will reduce leverage faster from increased cash flow and the current gold price market
<1.0x debt to EBITDA ratio goal expected to be achieved in 2025
121.Average annual production for the first five years based on the 2024 technical report. See Technical Disclosure and Cautionary Notes. 2. As per the 2024 technical report. See Technical Disclosure and Cautionary Notes.
1.23 g/t gold
AVERAGE GRADE
2
~390,000 oz gold
EXPECTED PER YEAR
1
~5.7 Moz
P&P RESERVES
2
~2.2 Moz
M&I RESOURCES
2
Greenstone: A Canadian Cornerstone Asset
15+ year
INITIAL MINE LIFE
2
1.23 g/t gold
AVERAGE GRADE
2
~390,000 oz gold
EXPECTED PER YEAR
1
~5.7 Moz
P&P RESERVES
2
~2.2 Moz
M&I RESOURCES
2
Greenstone: A Canadian Cornerstone Asset
15+ year
INITIAL MINE LIFE
2
13
1. Cash costs and all-in sustaining costs (AISC) reflect Greenstone results for full-year 2024, including pre-commercial production. Cash costs and AISC are non-
IFRS measures. See Cautionary Notes . 2. Design capacity is 27,000 tpd throughput, 190,000 tpd mining and recoveries averaging 90%.
Greenstone: Ramping up to Capacity
May 22, 2024
First gold pour
November 6, 2024
Commercial production
December 2024
Avg. 77% throughput
Avg. 86% recoveries
ProductionQ2 2024: 16,247 oz
Q3 2024: 42,448 oz
Q4 2024: 53,022 oz
FY costs: Cash costs $970/oz, AISC $1,025/oz
1
Milling Multiple days operating at capacity
2
Recovery has achieved daily highs over 90%
Optimizations and improvements implemented
in Q4 are expected to meaningfully increase
plant availability
Mining Mining rates 130,000- 140,000 tpd in Q4
Have achieved daily high >181,000 tpd
Target mining rate of 190,000 tpd in late 2025
2
1. Cash costs and all-in sustaining costs (AISC) reflect Greenstone results for full-year 2024, including pre-commercial production. Cash costs and AISC are non-
IFRS measures. See Cautionary Notes . 2. Design capacity is 27,000 tpd throughput, 190,000 tpd mining and recoveries averaging 90%.
Greenstone: Ramping up to Capacity
May 22, 2024
First gold pour
November 6, 2024
Commercial production
December 2024
Avg. 77% throughput
Avg. 86% recoveries
ProductionQ2 2024: 16,247 oz
Q3 2024: 42,448 oz
Q4 2024: 53,022 oz
FY costs: Cash costs $970/oz, AISC $1,025/oz
1
Milling Multiple days operating at capacity
2
Recovery has achieved daily highs over 90%
Optimizations and improvements implemented
in Q4 are expected to meaningfully increase
plant availability
Mining Mining rates 130,000- 140,000 tpd in Q4
Have achieved daily high >181,000 tpd
Target mining rate of 190,000 tpd in late 2025
2
141. Refer to Marathon Gold December 7, 2022 News Release, NI 43-101 effective November 30, 2022 Feasibility Study. See Technical Disclosure and Cautionary Notes.
1.62 g/t gold
AVERAGE GRADE
1
~195,000 oz gold
EXPECTED PER YEAR
1
2.7 Moz
P&P RESERVES
1
4.0 Moz
M&I RESOURCES
1
Valentine: A Second Canadian Cornerstone Asset
14 year
INITIAL MINE LIFE
1
1.62 g/t gold
AVERAGE GRADE
1
~195,000 oz gold
EXPECTED PER YEAR
1
2.7 Moz
P&P RESERVES
1
4.0 Moz
M&I RESOURCES
1
Valentine: A Second Canadian Cornerstone Asset
14 year
INITIAL MINE LIFE
1
15
Valentine: Finalizing Construction
Fully Funded
Project remains fully funded
Progressing Towards
Completion
Pre-commissioning underway
Mid 2025
First gold pour expected
Phase II
Expansion Technical studies underway on the Phase 2
expansion opportunity:
•2022 Feasibility Study Phase 2 to increase
throughput to 4.0 Mtpa
•2025 detailed engineering to increase throughput
>5 Mtpa
Finalizing
Construction•Primary crusher installation complete,
commissioning has commenced
•Mills motors to be set during Q1 and advance
towards pre-commissioning
•ADR plant and gravity circuit are nearing
mechanical completion and ready for turnover,
and
•Initial project capital remains fully funded and on
track to deliver first gold in Q2 2025
Valentine: Finalizing Construction
Fully Funded
Project remains fully funded
Progressing Towards
Completion
Pre-commissioning underway
Mid 2025
First gold pour expected
Phase II
Expansion Technical studies underway on the Phase 2
expansion opportunity:
•2022 Feasibility Study Phase 2 to increase
throughput to 4.0 Mtpa
•2025 detailed engineering to increase throughput
>5 Mtpa
Finalizing
Construction•Primary crusher installation complete,
commissioning has commenced
•Mills motors to be set during Q1 and advance
towards pre-commissioning
•ADR plant and gravity circuit are nearing
mechanical completion and ready for turnover,
and
•Initial project capital remains fully funded and on
track to deliver first gold in Q2 2025
161. Refer to the Calibre News Release dated March 12, 2024.
Nicaragua Operations Overview
Established Operating History
•Limon and Libertad are prolific mining districts with >6 Moz of
historical gold production
•Consistent reserve replacement, increased gold reserves >1.1Moz
1
Operating Strategy
•Debottlenecking operations and developing satellite deposits
•Rapid, low-capex translation of exploration success to production
•2.7 Mt of total installed mill capacity, ~70% utilized
•Excellent infrastructure: highway haulage costs of ~$0.12 per tonne-
km
Platform for Growth
•Achieved permit-to-plant mine development in less than 18 months
•Advanced Eastern Borosi as a “Mining Spoke” in 2023
•New discoveries: Limon - Panteon and VTEM Corridor, Libertad -
Volcan
•Received environmental approval for operation of Volcan Gold
deposit and within one month, delivered first ore to the Libertad mill,
located 5 km away
•Over 100 km of exploration drilling underway
Nicaragua Operations Overview
Established Operating History
•Limon and Libertad are prolific mining districts with >6 Moz of
historical gold production
•Consistent reserve replacement, increased gold reserves >1.1Moz
1
Operating Strategy
•Debottlenecking operations and developing satellite deposits
•Rapid, low-capex translation of exploration success to production
•2.7 Mt of total installed mill capacity, ~70% utilized
•Excellent infrastructure: highway haulage costs of ~$0.12 per tonne-
km
Platform for Growth
•Achieved permit-to-plant mine development in less than 18 months
•Advanced Eastern Borosi as a “Mining Spoke” in 2023
•New discoveries: Limon - Panteon and VTEM Corridor, Libertad -
Volcan
•Received environmental approval for operation of Volcan Gold
deposit and within one month, delivered first ore to the Libertad mill,
located 5 km away
•Over 100 km of exploration drilling underway
17
1. Aurizona commenced production in Q3 2019 and has consistently produced 100-120,000 oz of gold until 2024, when a geotechnical event in the main Piaba pit affected mining and production for three months.
Guidance for 2025 is 70- 90,000 oz of gold as Equinox Gold mines from a lower-grade pit and completes remediation work in the Piaba pit. 2. September 2021 pre- feasibility study showed 137,000 average annual
production with 160,000 oz for three years. See Technical Disclosure and Cautionary Notes. 3. Mid-point of Equinox Gold’s 2025 guidance.
Brazil Assets Overview
Aurizona Mine, Maranhão, Brazil
Open-pit mine with 8,000 tpd CIL plant
Production ~100,000 oz per year
1
Expansion potential to ~140,000 oz per year with
development of underground deposit and
additional near-mine open-pit deposits
2
Underground portal and decline will begin in
late 2025
Near-mine and regional exploration potential
Bahia Complex, Bahia, Brazil
Combined unit with two processing plants
-Santa Luz, open-pit with resin-in leach plant
-Fazenda, open-pit/underground with CIL plant
Combined production ~135,000 oz per year
3
Upside potential with higher grades at Fazenda
and improved recoveries at Santa Luz
Significant exploration potential along the 70-km
greenstone belt that hosts the two mines
BAHIA
COMPLEX
AURIZONA
1. Aurizona commenced production in Q3 2019 and has consistently produced 100-120,000 oz of gold until 2024, when a geotechnical event in the main Piaba pit affected mining and production for three months.
Guidance for 2025 is 70- 90,000 oz of gold as Equinox Gold mines from a lower-grade pit and completes remediation work in the Piaba pit. 2. September 2021 pre- feasibility study showed 137,000 average annual
production with 160,000 oz for three years. See Technical Disclosure and Cautionary Notes. 3. Mid-point of Equinox Gold’s 2025 guidance.
Brazil Assets Overview
Aurizona Mine, Maranhão, Brazil
Open-pit mine with 8,000 tpd CIL plant
Production ~100,000 oz per year
1
Expansion potential to ~140,000 oz per year with
development of underground deposit and
additional near-mine open-pit deposits
2
Underground portal and decline will begin in
late 2025
Near-mine and regional exploration potential
Bahia Complex, Bahia, Brazil
Combined unit with two processing plants
-Santa Luz, open-pit with resin-in leach plant
-Fazenda, open-pit/underground with CIL plant
Combined production ~135,000 oz per year
3
Upside potential with higher grades at Fazenda
and improved recoveries at Santa Luz
Significant exploration potential along the 70-km
greenstone belt that hosts the two mines
BAHIA
COMPLEX
AURIZONA
18
A Win for All Shareholders
1. Based on analyst consensus estimates at February 21, 2025. Percentage each jurisdiction represents of the NAV attributed to the combined company’s mineral properties.
Enhanced capital markets profile via the creation of a ~$5B+ market
cap Americas gold producer
Diversified portfolio with operating mines in five mining-friendly
jurisdictions
100% ownership of two Canadian gold mines, both at the
beginning of their mine lives
Immediate increase to production and cash flow in a record gold
price environment
Improved financial strength with ability to rapidly deleverage
Best-in-class leadership at both the Board and management level
Exposure to various growth opportunities: Castle Mountain and
Los Filos, plus exploration and underground potential at both
Canadian mines
Realizable synergies and efficiencies with the combination of two
strong teams
The combination of Equinox Gold and Calibre Mining unlocks benefits
for both sets of shareholders unavailable on a standalone basis
53%
19%
13%
10%
5%
Diversified Portfolio Weighted to Canada
(Consensus Analyst NAV by Region)
1
Brazil
Mexico
USA
Canada
Nicaragua
A Win for All Shareholders
1. Based on analyst consensus estimates at February 21, 2025. Percentage each jurisdiction represents of the NAV attributed to the combined company’s mineral properties.
Enhanced capital markets profile via the creation of a ~$5B+ market
cap Americas gold producer
Diversified portfolio with operating mines in five mining-friendly
jurisdictions
100% ownership of two Canadian gold mines, both at the
beginning of their mine lives
Immediate increase to production and cash flow in a record gold
price environment
Improved financial strength with ability to rapidly deleverage
Best-in-class leadership at both the Board and management level
Exposure to various growth opportunities: Castle Mountain and
Los Filos, plus exploration and underground potential at both
Canadian mines
Realizable synergies and efficiencies with the combination of two
strong teams
The combination of Equinox Gold and Calibre Mining unlocks benefits
for both sets of shareholders unavailable on a standalone basis
53%
19%
13%
10%
5%
Diversified Portfolio Weighted to Canada
(Consensus Analyst NAV by Region)
1
Brazil
Mexico
USA
Canada
Nicaragua
19
Transaction Highlights
1.Based on analyst consensus estimates at February 21, 2025.
Creates a Canadian Gold Powerhouse with complementary mines throughout the Americas
TIER 1
LOCATION
Enhanced critical mass and capital markets profile with improved significance for investors
SCALE
Immediate increase in production and cash flow from a larger asset portfolioGROWTH
Strengthened combined leadership team with a proven track record of value creation
TRACK
RECORD
Undervalued relative to peers with significant share price re-rate potential
1VALUE
Strong balance sheet with ability to rapidly deleverage
ROBUST
Transaction Highlights
1.Based on analyst consensus estimates at February 21, 2025.
Creates a Canadian Gold Powerhouse with complementary mines throughout the Americas
TIER 1
LOCATION
Enhanced critical mass and capital markets profile with improved significance for investors
SCALE
Immediate increase in production and cash flow from a larger asset portfolioGROWTH
Strengthened combined leadership team with a proven track record of value creation
TRACK
RECORD
Undervalued relative to peers with significant share price re-rate potential
1VALUE
Strong balance sheet with ability to rapidly deleverage
ROBUST
Appendix
21
MAY
Indicative Transaction Timeline
1. Final meeting dates to be confirmed, but are expected to occur before May 31, 2025. 2. Assuming all regulatory, court and shareholder approvals have been received.
Mail Special
Meeting Materials
APRIL
Shareholder Votes
1
Regulatory Approval
MARCHTODAY
Merger Announcement
Anticipated
Closing
2
2025
MAY
Indicative Transaction Timeline
1. Final meeting dates to be confirmed, but are expected to occur before May 31, 2025. 2. Assuming all regulatory, court and shareholder approvals have been received.
Mail Special
Meeting Materials
APRIL
Shareholder Votes
1
Regulatory Approval
MARCHTODAY
Merger Announcement
Anticipated
Closing
2
2025
22
Pro-Forma Capitalization
Equinox Calibre New Equinox
Share Price
1
C$9.69/share C$3.09/share C$9.69/share
Market Cap. (Basic)
1
C$4.4 B / US$3.1 B C$2.6 B / US$1.9 B C$7.0 B / US$4.9 B
Market Cap. (Fully Diluted In-the-Money)
1
C$5.0 B / US$3.5 B C$2.8 B / US$2.0 B C$7.7 B / US$5.4 B
Common Shares (Basic)
2
455.7 M 852.5 M 720.0 M
3
In-the-Money Options & Warrants
2
0.2 M 38.6 M 12.1 M
3
In-the-Money from Convertible Notes 48.8 M
4
0 (nil) 48.8 M
4
RSUs, pRSUs and PSUs 7.6 M 10.0 M 10.7 M
3
Fully Diluted In-the-Money Shares 512.3 M 901.2 M 791.7 M
3
Cash $239 M
5
$212 M
6
$486 M
7
Debt Drawn $1,095 M ($105 M Avail.)
8
$336 M
9
$1,432 M
Convertible Notes (Face Value) $312 M
4
$0 (nil) $347 M
10
Stock Exchanges NYSE-A, TSX TSX NYSE-A, TSX
Average 30D Trading Liquidity
11
$56.7 M/day $4.4 M/day $61.0 M/day
2025F Au Production Guidance 635 – 750 koz 230 – 280 koz
12
865 – 1,030 koz
2025F AISC Guidance US$1,455 - $1,550/oz Au US$1,500 – $1,600/oz Au
12
US$1,465 – $1,565/oz Au
13
1.As at February 21, 2025
2.As at February 19, 2025 (Calibre basic shares is pro-forma shares issued from private placement closed on January 30, 2025 – see Calibre 2024 financial statements & MD&A)
3.Based on share exchange ratio of 0.31 of an Equinox share per Calibre share
4.Note expiring in Sep. 2025 has a face value of $139.3 M (conversion price of US$6.50 per share), the note expiring in Oct. 2028 has a face value of $172.5 M (conversion price of US$6.30 per share); New Equinox would issue 48.8 M shares if both were fully converted
5.As at December 31, 2024
6.Includes unrestricted cash ($131 M) + current restricted cash ($52 M) = $183 M as at Dec. 31, 2024 + proceeds from private placement closed on Jan. 30, 2025 (C$40 M; see 2024 annual filings)
7.New Equinox cash balance increased by $35 M (convertible note offering proceeds received from investors other than Equinox)
8.Equinox debt comprised of $700 M Revolving Facility + $500 M Term Loan due May 2027 (together, the “Credit Facility”); $105 M is undrawn on Revolving Facility (uncommitted accordion to increase the Revolving Facility principal by up to $100 M)
9.As at December 31, 2024 as reported on Calibre’s annual financial statements; comprised of Sprott Loan ($325 M) + Lafise Bank Loans ($11 M)
10. New Equinox convertible notes balance increased by $35 M (Calibre convertible note issued to investors other than Equinox)
11. Sourced from S&P Capital IQ as at February 21, 2025; liquidity based on TSX and NYSE-A for Equinox & TSX for Calibre
12. Calibre 2025 guidance does not currently reflect anticipated production from Valentine (first gold is expected in Q2 of 2025)
13. Range based on weighted average of low and high ends of production guidance
Pro-Forma Capitalization
Equinox Calibre New Equinox
Share Price
1
C$9.69/share C$3.09/share C$9.69/share
Market Cap. (Basic)
1
C$4.4 B / US$3.1 B C$2.6 B / US$1.9 B C$7.0 B / US$4.9 B
Market Cap. (Fully Diluted In-the-Money)
1
C$5.0 B / US$3.5 B C$2.8 B / US$2.0 B C$7.7 B / US$5.4 B
Common Shares (Basic)
2
455.7 M 852.5 M 720.0 M
3
In-the-Money Options & Warrants
2
0.2 M 38.6 M 12.1 M
3
In-the-Money from Convertible Notes 48.8 M
4
0 (nil) 48.8 M
4
RSUs, pRSUs and PSUs 7.6 M 10.0 M 10.7 M
3
Fully Diluted In-the-Money Shares 512.3 M 901.2 M 791.7 M
3
Cash $239 M
5
$212 M
6
$486 M
7
Debt Drawn $1,095 M ($105 M Avail.)
8
$336 M
9
$1,432 M
Convertible Notes (Face Value) $312 M
4
$0 (nil) $347 M
10
Stock Exchanges NYSE-A, TSX TSX NYSE-A, TSX
Average 30D Trading Liquidity
11
$56.7 M/day $4.4 M/day $61.0 M/day
2025F Au Production Guidance 635 – 750 koz 230 – 280 koz
12
865 – 1,030 koz
2025F AISC Guidance US$1,455 - $1,550/oz Au US$1,500 – $1,600/oz Au
12
US$1,465 – $1,565/oz Au
13
1.As at February 21, 2025
2.As at February 19, 2025 (Calibre basic shares is pro-forma shares issued from private placement closed on January 30, 2025 – see Calibre 2024 financial statements & MD&A)
3.Based on share exchange ratio of 0.31 of an Equinox share per Calibre share
4.Note expiring in Sep. 2025 has a face value of $139.3 M (conversion price of US$6.50 per share), the note expiring in Oct. 2028 has a face value of $172.5 M (conversion price of US$6.30 per share); New Equinox would issue 48.8 M shares if both were fully converted
5.As at December 31, 2024
6.Includes unrestricted cash ($131 M) + current restricted cash ($52 M) = $183 M as at Dec. 31, 2024 + proceeds from private placement closed on Jan. 30, 2025 (C$40 M; see 2024 annual filings)
7.New Equinox cash balance increased by $35 M (convertible note offering proceeds received from investors other than Equinox)
8.Equinox debt comprised of $700 M Revolving Facility + $500 M Term Loan due May 2027 (together, the “Credit Facility”); $105 M is undrawn on Revolving Facility (uncommitted accordion to increase the Revolving Facility principal by up to $100 M)
9.As at December 31, 2024 as reported on Calibre’s annual financial statements; comprised of Sprott Loan ($325 M) + Lafise Bank Loans ($11 M)
10. New Equinox convertible notes balance increased by $35 M (Calibre convertible note issued to investors other than Equinox)
11. Sourced from S&P Capital IQ as at February 21, 2025; liquidity based on TSX and NYSE-A for Equinox & TSX for Calibre
12. Calibre 2025 guidance does not currently reflect anticipated production from Valentine (first gold is expected in Q2 of 2025)
13. Range based on weighted average of low and high ends of production guidance
23
Pro Forma Financial Position at December 31, 2024
1.Includes Calibre’s unrestricted cash ($131 M) + current restricted cash ($52 M) = $183 M as at Dec. 31, 2024 + proceeds from private placement closed on Jan. 30, 2025 (C$40 M) see 2024 annual filings
2.Balance adjusted for amount of Equinox participation in convertible note offering ($40 M)
3.Equinox debt comprised of $700 M Revolving Facility + $500 M Term Loan due May 2027 (together, the “Credit Facility”); $105 M is undrawn on Revolving Facility (uncommitted accordion to increase the Revolving Facility principal by up to $100 M)
4.As at December 31, 2024 as reported on Calibre’s annual financial statements; comprised of Sprott Loan ($325 M) + Lafise Bank Loans ($11 M)
5.Note expiring in Sep. 2025 has a face value of $139.3 M (conversion price of US$6.50 per share), the note expiring in Oct. 28 has a face value of $172.5 M (conversion price of US$6.30 per share); Convertible Financing expiring in 2030 has a face
value of $35 M (effective conversion price of $9.65 per share). New Equinox would issue 52.5 M shares if all three fully converted
+ +
~$486 M
CASH & EQUIVALENTS
(including Convertible Financing)
Cash
1
~$451 M
Convertible Financing
2
$35 M
Undrawn credit facility
$105 M
AVAILABLE LIQUIDITY RESILIENCE
Ongoing cash flow from
producing mines
Undrawn accordion
$100 M
DEBT
Drawn debt
3,4
$1,432 M
Convertible notes
2,5
$347 M
($6.72/share weighted
average conversion price)
~$105 M
AVAILABLE CREDIT
~$100 M
UNDRAWN ACCORDION
Pro Forma Financial Position at December 31, 2024
1.Includes Calibre’s unrestricted cash ($131 M) + current restricted cash ($52 M) = $183 M as at Dec. 31, 2024 + proceeds from private placement closed on Jan. 30, 2025 (C$40 M) see 2024 annual filings
2.Balance adjusted for amount of Equinox participation in convertible note offering ($40 M)
3.Equinox debt comprised of $700 M Revolving Facility + $500 M Term Loan due May 2027 (together, the “Credit Facility”); $105 M is undrawn on Revolving Facility (uncommitted accordion to increase the Revolving Facility principal by up to $100 M)
4.As at December 31, 2024 as reported on Calibre’s annual financial statements; comprised of Sprott Loan ($325 M) + Lafise Bank Loans ($11 M)
5.Note expiring in Sep. 2025 has a face value of $139.3 M (conversion price of US$6.50 per share), the note expiring in Oct. 28 has a face value of $172.5 M (conversion price of US$6.30 per share); Convertible Financing expiring in 2030 has a face
value of $35 M (effective conversion price of $9.65 per share). New Equinox would issue 52.5 M shares if all three fully converted
+ +
~$486 M
CASH & EQUIVALENTS
(including Convertible Financing)
Cash
1
~$451 M
Convertible Financing
2
$35 M
Undrawn credit facility
$105 M
AVAILABLE LIQUIDITY RESILIENCE
Ongoing cash flow from
producing mines
Undrawn accordion
$100 M
DEBT
Drawn debt
3,4
$1,432 M
Convertible notes
2,5
$347 M
($6.72/share weighted
average conversion price)
~$105 M
AVAILABLE CREDIT
~$100 M
UNDRAWN ACCORDION
24
New Equinox Gold Leadership Team
Greg Smith, President, CEO & Director, Equinox Gold
Appointed CEO and Director of Equinox Gold in September 2022,
and had been President of Equinox Gold since March 2017, when
JDL Gold merged with Luna Gold. Helped lead the team through
four mergers and an asset acquisition to grow the company from a
single-asset developer to a multi-asset producer. Prior to his role
as CEO of JDL Gold, held the roles of CEO and Founder of
Anthem United, President and CEO of Esperanza Resources prior
to its sale to Alamos Gold, and CFO of Minefinders Corporation
prior to its sale to Pan American Silver.
Ross Beaty, Chair, Equinox Gold
Geologist and resource company entrepreneur with over 50 years of experience in the international minerals and renewable energy industries. Founded and is Chair Emeritus of Pan American Silver
and since 1985 has successfully founded and divested a number of
other public mineral resource companies. Past President of the
Silver Institute in Washington, DC, a Fellow of the Geologist
Association of Canada and the Canadian Institute of Mining, and a
recipient of the Institute’s Past President’s Memorial Medal.
Blayne Johnson, Chair, Calibre Mining
Co-founded and helped lead numerous successful companies,
including Calibre Mining, Newmarket Gold and Terrane Metals.
Brings over 38 years of experience in the investment community
and currently serves as Chair of Featherstone Capital and Calibre
Mining.
Darren Hall, President, CEO & Director, Calibre Mining
More than 35 years of experience in the mining industry.
Previously served as Chief Operating Officer of Kirkland Lake
Gold, which acquired Newmarket Gold, where he also served as
Chief Operating Officer. Held roles of increasing responsibility for
Newmont Mining, where he worked for nearly 30 years. Graduated
with a Bachelor of Mining Engineering (Hons) from the Western
School of Mines in Kalgoorlie.
Douglas Forster, Lead Director, Calibre Mining
More than 40 years of experience in the mining industry and
capital markets, having acted as a geologist, founder, director,
senior executive and financier. Mr. Forster was Founder, President
& CEO of Newmarket Gold Inc. which operated three gold mines
in Australia with annual production of over 225 koz/year.
Newmarket was acquired by Kirkland Lake Gold in a $1 billion
transaction in 2016. Mr. Forster holds a B.Sc. and M.Sc. In
geological sciences from the University of British Columbia.
New EQX Insider Ownership ~4.7%
New Equinox Gold Leadership Team
Greg Smith, President, CEO & Director, Equinox Gold
Appointed CEO and Director of Equinox Gold in September 2022,
and had been President of Equinox Gold since March 2017, when
JDL Gold merged with Luna Gold. Helped lead the team through
four mergers and an asset acquisition to grow the company from a
single-asset developer to a multi-asset producer. Prior to his role
as CEO of JDL Gold, held the roles of CEO and Founder of
Anthem United, President and CEO of Esperanza Resources prior
to its sale to Alamos Gold, and CFO of Minefinders Corporation
prior to its sale to Pan American Silver.
Ross Beaty, Chair, Equinox Gold
Geologist and resource company entrepreneur with over 50 years of experience in the international minerals and renewable energy industries. Founded and is Chair Emeritus of Pan American Silver
and since 1985 has successfully founded and divested a number of
other public mineral resource companies. Past President of the
Silver Institute in Washington, DC, a Fellow of the Geologist
Association of Canada and the Canadian Institute of Mining, and a
recipient of the Institute’s Past President’s Memorial Medal.
Blayne Johnson, Chair, Calibre Mining
Co-founded and helped lead numerous successful companies,
including Calibre Mining, Newmarket Gold and Terrane Metals.
Brings over 38 years of experience in the investment community
and currently serves as Chair of Featherstone Capital and Calibre
Mining.
Darren Hall, President, CEO & Director, Calibre Mining
More than 35 years of experience in the mining industry.
Previously served as Chief Operating Officer of Kirkland Lake
Gold, which acquired Newmarket Gold, where he also served as
Chief Operating Officer. Held roles of increasing responsibility for
Newmont Mining, where he worked for nearly 30 years. Graduated
with a Bachelor of Mining Engineering (Hons) from the Western
School of Mines in Kalgoorlie.
Douglas Forster, Lead Director, Calibre Mining
More than 40 years of experience in the mining industry and
capital markets, having acted as a geologist, founder, director,
senior executive and financier. Mr. Forster was Founder, President
& CEO of Newmarket Gold Inc. which operated three gold mines
in Australia with annual production of over 225 koz/year.
Newmarket was acquired by Kirkland Lake Gold in a $1 billion
transaction in 2016. Mr. Forster holds a B.Sc. and M.Sc. In
geological sciences from the University of British Columbia.
New EQX Insider Ownership ~4.7%
25
Track Record of Value Creation
Source: S&P Capital IQ, Company filings
$3.1B
CXB Market Cap.
Dec. 22
nd
: initial merger of 3
companies to form Equinox Gold
Sep. 19
th
: Acquisition of
Mesquite mine
Dec. 16
th
: Merger with Leagold
Dec. 16
th
: Acquisition of Premier
Gold Mines
$1.7B
Oct. 21
st
: Spinout of Nicaragua
assets from B2Gold
Nov. 13
th
: Acquisition
of Marathon GoldJan. 12
th
: Acquisition
of Fiore Gold
EQX Market Cap.
Apr. 23
rd
: Consolidation
of Greenstone
~$625M~$765M~$430M ~$450M ~$400M ~$135M
Sale Sale Sale Sale
~$9B
Market Value Sale Sale
--
$0.5B
$1.0B
$1.5B
$2.0B
Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24
--
$1.0B
$2.0B
$3.0B
$4.0B
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24
Various additional examples of value
creation by the founders of both companies
(Ross Beaty & Featherstone)
Both Equinox and Calibre have followed a similar trajectory of growth and value creation for their shareholders
Track Record of Value Creation
Source: S&P Capital IQ, Company filings
$3.1B
CXB Market Cap.
Dec. 22
nd
: initial merger of 3
companies to form Equinox Gold
Sep. 19
th
: Acquisition of
Mesquite mine
Dec. 16
th
: Merger with Leagold
Dec. 16
th
: Acquisition of Premier
Gold Mines
$1.7B
Oct. 21
st
: Spinout of Nicaragua
assets from B2Gold
Nov. 13
th
: Acquisition
of Marathon GoldJan. 12
th
: Acquisition
of Fiore Gold
EQX Market Cap.
Apr. 23
rd
: Consolidation
of Greenstone
~$625M~$765M~$430M ~$450M ~$400M ~$135M
Sale Sale Sale Sale
~$9B
Market Value Sale Sale
--
$0.5B
$1.0B
$1.5B
$2.0B
Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24
--
$1.0B
$2.0B
$3.0B
$4.0B
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24
Various additional examples of value
creation by the founders of both companies
(Ross Beaty & Featherstone)
Both Equinox and Calibre have followed a similar trajectory of growth and value creation for their shareholders
261.See Technical Disclosure and Cautionary Notes.
0.51 g/t gold
AVERAGE GRADE
1
~220,000 oz gold
EXPECTED PER YEAR
1
~4.2 Moz
P&P RESERVES
1
~1.5 Moz
M&I RESOURCES
1
Castle Mountain: Cornerstone Development Asset in California, USA
14+ year
INITIAL MINE LIFE
1
0.51 g/t gold
AVERAGE GRADE
1
~220,000 oz gold
EXPECTED PER YEAR
1
~4.2 Moz
P&P RESERVES
1
~1.5 Moz
M&I RESOURCES
1
Castle Mountain: Cornerstone Development Asset in California, USA
14+ year
INITIAL MINE LIFE
1
27
Equinox Gold: Proven & Probable Mineral Reserves
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine/Project
Proven Probable Proven & Probable
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 34 0.79 1 30,264 0.48 470 30,298 0.48 471
Castle Mountain 84,910 0.55 1,498172,990 0.48 2,670257,900 0.51 4,168
Los Filos 35,453 0.77 877157,773 0.88 4,477193,226 0.86 5,354
Aurizona 16,581 1.39 740 15,749 1.82 920 32,330 1.60 1,660
Fazenda 12,293 1.82 719 868 1.60 45 13,161 1.80 763
RDM 11,681 0.96 360 5,872 1.04 196 17,553 0.99 556
Santa Luz 21,578 1.39 966 3,361 1.01 109 24,939 1.34 1,075
Greenstone 6,817 1.16 255137,846 1.23 5,445144,662 1.23 5,700
Total Proven & Probable 4,697 14,332 19,747
Equinox Gold: Proven & Probable Mineral Reserves
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine/Project
Proven Probable Proven & Probable
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 34 0.79 1 30,264 0.48 470 30,298 0.48 471
Castle Mountain 84,910 0.55 1,498172,990 0.48 2,670257,900 0.51 4,168
Los Filos 35,453 0.77 877157,773 0.88 4,477193,226 0.86 5,354
Aurizona 16,581 1.39 740 15,749 1.82 920 32,330 1.60 1,660
Fazenda 12,293 1.82 719 868 1.60 45 13,161 1.80 763
RDM 11,681 0.96 360 5,872 1.04 196 17,553 0.99 556
Santa Luz 21,578 1.39 966 3,361 1.01 109 24,939 1.34 1,075
Greenstone 6,817 1.16 255137,846 1.23 5,445144,662 1.23 5,700
Total Proven & Probable 4,697 14,332 19,747
28
Mine
Measured Indicated Measured & Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 81 0.77 2 104,910 0.41 1,382 104,991 0.41 1,384
Castle Mountain 781 0.68 17 73,452 0.62 1,453 74,233 0.62 1,470
Los Filos 47,306 1.15 1,757 278,020 0.69 6,140 325,326 0.75 7,897
Aurizona 3,505 1.45 163 14,612 1.50 704 18,117 1.49 868
Fazenda 18,418 2.28 1,348 3,000 1.83 176 21,418 2.21 1,524
RDM 264 1.19 10 2,981 1.28 122 3,245 1.27 132
Santa Luz 10,107 1.23 398 6,475 2.41 502 16,582 1.69 900
Greenstone 29,967 2.30 2,218 29,967 2.30 2,218
Brookbank 3,428 5.45 600 3,428 5.45 600
Kailey 11,276 0.96 348 11,276 0.96 348
Key Lake 3,761 1.16 141 3,761 1.16 141
Hasaga 1,470 8.64 408 1,470 8.64 408
Total Measured & Indicated 3,695 14,194 17,890
Equinox Gold: Measured & Indicated Mineral Resources
1,2
1. Resources are EXCLUSIVE of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine
Measured Indicated Measured & Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 81 0.77 2 104,910 0.41 1,382 104,991 0.41 1,384
Castle Mountain 781 0.68 17 73,452 0.62 1,453 74,233 0.62 1,470
Los Filos 47,306 1.15 1,757 278,020 0.69 6,140 325,326 0.75 7,897
Aurizona 3,505 1.45 163 14,612 1.50 704 18,117 1.49 868
Fazenda 18,418 2.28 1,348 3,000 1.83 176 21,418 2.21 1,524
RDM 264 1.19 10 2,981 1.28 122 3,245 1.27 132
Santa Luz 10,107 1.23 398 6,475 2.41 502 16,582 1.69 900
Greenstone 29,967 2.30 2,218 29,967 2.30 2,218
Brookbank 3,428 5.45 600 3,428 5.45 600
Kailey 11,276 0.96 348 11,276 0.96 348
Key Lake 3,761 1.16 141 3,761 1.16 141
Hasaga 1,470 8.64 408 1,470 8.64 408
Total Measured & Indicated 3,695 14,194 17,890
Equinox Gold: Measured & Indicated Mineral Resources
1,2
1. Resources are EXCLUSIVE of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
29
Mine
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 84,030 0.34 912
Castle Mountain 69,890 0.63 1,422
Los Filos 135,935 0.74 3,237
Aurizona 12,689 2.19 895
Fazenda 4,681 1.77 266
RDM 3,614 1.95 226
Santa Luz 7,254 2.09 490
Greenstone 26,371 3.26 2,763
Brookbank 751 3.30 80
Kailey 4,858 0.87 136
Key Lake 1,839 1.39 82
Hasaga 2,059 7.31 484
Total Inferred 10,993
Equinox Gold: Inferred Mineral Resources
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Mesquite 84,030 0.34 912
Castle Mountain 69,890 0.63 1,422
Los Filos 135,935 0.74 3,237
Aurizona 12,689 2.19 895
Fazenda 4,681 1.77 266
RDM 3,614 1.95 226
Santa Luz 7,254 2.09 490
Greenstone 26,371 3.26 2,763
Brookbank 751 3.30 80
Kailey 4,858 0.87 136
Key Lake 1,839 1.39 82
Hasaga 2,059 7.31 484
Total Inferred 10,993
Equinox Gold: Inferred Mineral Resources
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
30
Equinox Gold: Technical Disclosure
National Instrument 43-101
Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or
extracted from the “Updated Technical Report for the Los Filos Mine Complex, Mexico” dated June 30,
2022 with an effective date of October 19, 2022. The Los Filos technical report has been filed with
Canadian securities regulatory authorities and is available for review on Equinox Gold’s website at
www. equinoxgold.com, on Equinox Gold’s profile on SEDAR+ at www. sedarplus.ca and on Equinox
Gold’s profile on EDGAR at www. sec.gov/edgar. Scientific and technical information concerning the
Greenstone Gold Mine is summarized, derived, or extracted from the “Technical Report on the
Greenstone Gold Mine, Geraldton, Ontario” dated October 1, 2024 with an effective date of June 30,
2024. The Greenstone technical report is available on Equinox Gold’s website, on SEDAR+ and on
EDGAR. Scientific and technical information concerning the Mesquite Mine is summarized, derived, or
extracted from the “Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.”
prepared by AGP Mining Consultants Inc. dated April 27, 2020 with an effective date of December 31,
2019. The Mesquite technical report has been filed with Canadian securities regulatory authorities and is
available for review on the Company’s website and on Equinox Gold’s profile on SEDAR+. Mesquite
Mineral Reserve and Mineral Resources were updated at June 30, 2020 with the results announced in a
news release dated October 8, 2020 which is available on Equinox Gold’s website, on SEDAR+ and on
EDGAR. Scientific and technical information concerning the Aurizona Mine is summarized, derived, or
extracted from the “Technical Report on the Aurizona Gold Mine Expansion Pre-Feasibility Study”
prepared by AGP Mining Consultants Inc. dated November 4, 2021 with an effective date of September
20, 2021. The Aurizona technical report has been filed with Canadian securities regulatory authorities
and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR. Scientific and
technical information concerning the Fazenda Mine is summarized, derived, or extracted from the
“Technical Report on the Fazenda Gold Mine, Bahia State, Brazil” prepared by Equinox Gold Corp. dated
January 31, 2025 with an effective date of June 30, 2024. The Fazenda technical report has been filed
with Canadian securities regulatory authorities and is available for review on Equinox Gold’s website, on
SEDAR+ and on EDGAR. Scientific and technical information concerning the RDM Mine is summarized,
derived, or extracted from the “NI 43-101 Technical Report on the Riacho dos Machados Gold Mine,
Minas Gerais, Brazil” prepared by Equinox Gold Corp. dated October 22, 2021 with an effective date of
December 31, 2020. The RDM technical report has been filed with Canadian securities regulatory
authorities and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR. Scientific
and technical information concerning the Castle Mountain Mine is summarized, derived, or extracted
from the “Technical Report on the Castle Mountain Project Feasibility Study” prepared by M3
Engineering & Technology Corp. dated March 17, 2021 with an effective date of February 26, 2021. The
Castle Mountain technical report has been filed with Canadian securities regulatory authorities and is
available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Scientific and technical information concerning the Santa Luz Project is summarized, derived, or
extracted from the “NI 43-101 Technical Report on the Santa Luz Project, Bahia State, Brazil”
prepared by Equinox Gold Corp. dated November 30, 2020 with an effective date of June 30,
2020. The Santa Luz technical report has been filed with Canadian securities regulatory
authorities and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Scientific and technical information concerning the Hasaga Property is summarized, derived, or
extracted from the “Technical Report on the Hasaga Property” prepared by Equity Exploration
Consultants Ltd dated September 11, 2024 with an effective date of June 30, 2024. The Hasaga
technical report has been filed with Canadian securities regulatory authorities and is available for
review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Readers are reminded that results outlined in the technical reports for some of these projects are
preliminary in nature and may include Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as Mineral Reserves.
There is no certainty that the mine plans and economic models contained in any of the reports
will be realized. Readers are further cautioned that Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. Readers are also advised to refer to the
latest annual information form and technical reports of the Companies as well as other
continuous disclosure documents filed by the Companies, which are available on SEDAR, for
detailed information (including qualifications, assumptions and notes set out accordingly)
regarding the Mineral Reserve and Mineral Resource information contained in this document.
Qualified Pe r s o n s
Doug Reddy, MSc, P.Geo., Equinox Gold’s COO, is a Qualified Person under NI 43-101 for
Equinox Gold and has reviewed and approved the technical information in this presentation.
Scott Heffernan, MSc, P.Geo, Equinox Gold’s EVP Exploration, is a Qualified Person under NI 43-
101 for Equinox Gold and has reviewed and approved the technical information in this
presentation related to exploration results and Mineral Reserve and Mineral Resource estimates.
Equinox Gold: Technical Disclosure
National Instrument 43-101
Scientific and technical information concerning the Los Filos Mine Complex is summarized, derived, or
extracted from the “Updated Technical Report for the Los Filos Mine Complex, Mexico” dated June 30,
2022 with an effective date of October 19, 2022. The Los Filos technical report has been filed with
Canadian securities regulatory authorities and is available for review on Equinox Gold’s website at
www. equinoxgold.com, on Equinox Gold’s profile on SEDAR+ at www. sedarplus.ca and on Equinox
Gold’s profile on EDGAR at www. sec.gov/edgar. Scientific and technical information concerning the
Greenstone Gold Mine is summarized, derived, or extracted from the “Technical Report on the
Greenstone Gold Mine, Geraldton, Ontario” dated October 1, 2024 with an effective date of June 30,
2024. The Greenstone technical report is available on Equinox Gold’s website, on SEDAR+ and on
EDGAR. Scientific and technical information concerning the Mesquite Mine is summarized, derived, or
extracted from the “Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.”
prepared by AGP Mining Consultants Inc. dated April 27, 2020 with an effective date of December 31,
2019. The Mesquite technical report has been filed with Canadian securities regulatory authorities and is
available for review on the Company’s website and on Equinox Gold’s profile on SEDAR+. Mesquite
Mineral Reserve and Mineral Resources were updated at June 30, 2020 with the results announced in a
news release dated October 8, 2020 which is available on Equinox Gold’s website, on SEDAR+ and on
EDGAR. Scientific and technical information concerning the Aurizona Mine is summarized, derived, or
extracted from the “Technical Report on the Aurizona Gold Mine Expansion Pre-Feasibility Study”
prepared by AGP Mining Consultants Inc. dated November 4, 2021 with an effective date of September
20, 2021. The Aurizona technical report has been filed with Canadian securities regulatory authorities
and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR. Scientific and
technical information concerning the Fazenda Mine is summarized, derived, or extracted from the
“Technical Report on the Fazenda Gold Mine, Bahia State, Brazil” prepared by Equinox Gold Corp. dated
January 31, 2025 with an effective date of June 30, 2024. The Fazenda technical report has been filed
with Canadian securities regulatory authorities and is available for review on Equinox Gold’s website, on
SEDAR+ and on EDGAR. Scientific and technical information concerning the RDM Mine is summarized,
derived, or extracted from the “NI 43-101 Technical Report on the Riacho dos Machados Gold Mine,
Minas Gerais, Brazil” prepared by Equinox Gold Corp. dated October 22, 2021 with an effective date of
December 31, 2020. The RDM technical report has been filed with Canadian securities regulatory
authorities and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR. Scientific
and technical information concerning the Castle Mountain Mine is summarized, derived, or extracted
from the “Technical Report on the Castle Mountain Project Feasibility Study” prepared by M3
Engineering & Technology Corp. dated March 17, 2021 with an effective date of February 26, 2021. The
Castle Mountain technical report has been filed with Canadian securities regulatory authorities and is
available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Scientific and technical information concerning the Santa Luz Project is summarized, derived, or
extracted from the “NI 43-101 Technical Report on the Santa Luz Project, Bahia State, Brazil”
prepared by Equinox Gold Corp. dated November 30, 2020 with an effective date of June 30,
2020. The Santa Luz technical report has been filed with Canadian securities regulatory
authorities and is available for review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Scientific and technical information concerning the Hasaga Property is summarized, derived, or
extracted from the “Technical Report on the Hasaga Property” prepared by Equity Exploration
Consultants Ltd dated September 11, 2024 with an effective date of June 30, 2024. The Hasaga
technical report has been filed with Canadian securities regulatory authorities and is available for
review on Equinox Gold’s website, on SEDAR+ and on EDGAR.
Readers are reminded that results outlined in the technical reports for some of these projects are
preliminary in nature and may include Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as Mineral Reserves.
There is no certainty that the mine plans and economic models contained in any of the reports
will be realized. Readers are further cautioned that Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. Readers are also advised to refer to the
latest annual information form and technical reports of the Companies as well as other
continuous disclosure documents filed by the Companies, which are available on SEDAR, for
detailed information (including qualifications, assumptions and notes set out accordingly)
regarding the Mineral Reserve and Mineral Resource information contained in this document.
Qualified Pe r s o n s
Doug Reddy, MSc, P.Geo., Equinox Gold’s COO, is a Qualified Person under NI 43-101 for
Equinox Gold and has reviewed and approved the technical information in this presentation.
Scott Heffernan, MSc, P.Geo, Equinox Gold’s EVP Exploration, is a Qualified Person under NI 43-
101 for Equinox Gold and has reviewed and approved the technical information in this
presentation related to exploration results and Mineral Reserve and Mineral Resource estimates.
31
Calibre: Proven & Probable Mineral Reserves
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine/Project
Proven Probable Proven & Probable
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 3,377 5.89 639 3,377 5.89 639
Libertad 3,445 4.39 487 3,445 4.39 487
Pan 24,634 0.34 273 26 24,634 0.34 299
Valentine 23,400 1.89 1,40028,200 1.40 1,300 51,600 1.62 2,700
Total Proven & Probable 1,673 2,452 4,125
Calibre: Proven & Probable Mineral Reserves
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine/Project
Proven Probable Proven & Probable
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 3,377 5.89 639 3,377 5.89 639
Libertad 3,445 4.39 487 3,445 4.39 487
Pan 24,634 0.34 273 26 24,634 0.34 299
Valentine 23,400 1.89 1,40028,200 1.40 1,300 51,600 1.62 2,700
Total Proven & Probable 1,673 2,452 4,125
32
Mine
Measured Indicated Measured & Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 12,861 3.05 1,259 12,861 3.05 1,259
Libertad 4,472 4.18 602 4,472 4.18 602
Pan 74 0.44 1 29,177 0.36 339 29,251 0.36 340
Gold Rock
(Mar 2020) 18,9960.66 403 18,996 0.66 403
Golden Eagle
(Mar 2020) 30,700 1.49 1,500 14,7001.16 500 45,400 1.38 2,000
Valentine 29,226 2.19 2,058 35,3981.67 1,897 64,624 1.90 3,955
Total Measured & Indicated 3,559 5,000 8,559
Calibre: Measured & Indicated Mineral Resources
1,2
1. Resources are INCLUSIVE of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine
Measured Indicated Measured & Indicated
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 12,861 3.05 1,259 12,861 3.05 1,259
Libertad 4,472 4.18 602 4,472 4.18 602
Pan 74 0.44 1 29,177 0.36 339 29,251 0.36 340
Gold Rock
(Mar 2020) 18,9960.66 403 18,996 0.66 403
Golden Eagle
(Mar 2020) 30,700 1.49 1,500 14,7001.16 500 45,400 1.38 2,000
Valentine 29,226 2.19 2,058 35,3981.67 1,897 64,624 1.90 3,955
Total Measured & Indicated 3,559 5,000 8,559
Calibre: Measured & Indicated Mineral Resources
1,2
1. Resources are INCLUSIVE of Reserves. 2. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
33
Mine
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 1,566 4.46 224
Libertad 3,992 4.06 520
Cerro A.
(April 11, 2011) 6,052 3.64 708
Primavera
(January 31, 2017) 44,974 0.54 782
Pan 1,479 0.37 18
Gold Rock
(Mar 2020) 3,027 0.87 84
Golden Eagle
(Mar 2020) 5,400 0.90 200
Valentine 20,752 1.65 1,100
Total Inferred 3,636
Calibre: Inferred Mineral Resources
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Mine
Tonnes
(kt)
Grade
(g/t)
Contained
Gold (koz)
Limon 1,566 4.46 224
Libertad 3,992 4.06 520
Cerro A.
(April 11, 2011) 6,052 3.64 708
Primavera
(January 31, 2017) 44,974 0.54 782
Pan 1,479 0.37 18
Gold Rock
(Mar 2020) 3,027 0.87 84
Golden Eagle
(Mar 2020) 5,400 0.90 200
Valentine 20,752 1.65 1,100
Total Inferred 3,636
Calibre: Inferred Mineral Resources
1
1. See Cautionary Notes and Technical Disclosure. Numbers may not sum due to rounding.
Calibre Mining Cautionary Note
Forward-Looking Information
This presentation includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All
statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and
are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", “assume”, "intend", “strategy”, “goal”, “objective”, “possible” or "believe" and
similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this presentation include but are not limited to
the Company’s expectations of gold production and production growth; the upside potential of the Valentine Gold Mine; the Valentine Gold Mine achieving first gold production during the second quarter of 2025; the
Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s 2025 priority resource expansion opportunities; the Company’s metal price and
cut-off grade assumptions. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company,
please refer to Calibre's annual information form (“AIF”) for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 and other disclosure documents of the
Company filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time.
Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws.
There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-
looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
All figures are expressed in U.S. dollars unless otherwise stated.
Forward-Looking Information
This presentation includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All
statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and
are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", “assume”, "intend", “strategy”, “goal”, “objective”, “possible” or "believe" and
similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this presentation include but are not limited to
the Company’s expectations of gold production and production growth; the upside potential of the Valentine Gold Mine; the Valentine Gold Mine achieving first gold production during the second quarter of 2025; the
Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s 2025 priority resource expansion opportunities; the Company’s metal price and
cut-off grade assumptions. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company,
please refer to Calibre's annual information form (“AIF”) for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 and other disclosure documents of the
Company filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time.
Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws.
There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-
looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
All figures are expressed in U.S. dollars unless otherwise stated.
Calibre Technical Disclosure
Qualified Persons & Technical Disclaimers for the December 31, 2023 Nicaraguan, Nevada and Newfoundland, Canada Mineral Reser ves and Resources
All estimates have been prepared using CIM (2014) definitions. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral Resources are inclusive of
Mineral Reserves. 10.Numbers may not add due to rounding.
David Schonfeldt, P. Geo, Corporate Chief Geologist, Calibre Mining Corp. and a "Qualified Person" under National Instrument 43-101.has reviewed and approved the scientific and technical
information contained in this presentation.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and
mineral resource estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule
developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure
standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning mineralization, deposits, mineral reserve and
mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this
presentation uses the terms “measured mineral resources”, “indicated mineral resources”, ‘‘inferred mineral resource estimate’’. U.S. investors are advised that, while such terms are recognized and required by
Canadian securities laws, the SEC has not recognized them. The requirements of NI 43- 101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and mineral reserves reported by the Company or Fiore,
as applicable, in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that
the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or
“indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws,
estimated “inferred resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities
laws. However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly,
information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Qualified Persons & Technical Disclaimers for the December 31, 2023 Nicaraguan, Nevada and Newfoundland, Canada Mineral Reser ves and Resources
All estimates have been prepared using CIM (2014) definitions. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral Resources are inclusive of
Mineral Reserves. 10.Numbers may not add due to rounding.
David Schonfeldt, P. Geo, Corporate Chief Geologist, Calibre Mining Corp. and a "Qualified Person" under National Instrument 43-101.has reviewed and approved the scientific and technical
information contained in this presentation.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources
This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and
mineral resource estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule
developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure
standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning mineralization, deposits, mineral reserve and
mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this
presentation uses the terms “measured mineral resources”, “indicated mineral resources”, ‘‘inferred mineral resource estimate’’. U.S. investors are advised that, while such terms are recognized and required by
Canadian securities laws, the SEC has not recognized them. The requirements of NI 43- 101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and mineral reserves reported by the Company or Fiore,
as applicable, in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that
the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or
“indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws,
estimated “inferred resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities
laws. However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly,
information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
TSX: EQX | NYSE-A: EQX
Greg Smith, President & CEO
Rhylin Bailie, VP Investor Relations
Tel: +1 604.260.0516
Email: [email protected]
www.equinoxgold.com
TSX: CXB | OTCQX: CXBMF
Darren Hall, President & CEO Ryan King, SVP Corp Dev & IR
Tel: +1 778.998.3700
Email: [email protected]
www.calibremining.com
Equinox Gold and Calibre Mining Combine
to Create a Major Americas Gold Producer
Greg Smith, President & CEO
Rhylin Bailie, VP Investor Relations
Tel: +1 604.260.0516
Email: [email protected]
www.equinoxgold.com
TSX: CXB | OTCQX: CXBMF
Darren Hall, President & CEO Ryan King, SVP Corp Dev & IR
Tel: +1 778.998.3700
Email: [email protected]
www.calibremining.com
Equinox Gold and Calibre Mining Combine
to Create a Major Americas Gold Producer
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